It puts some of this whole political risk talk in Australia in perspective,’ he said.”

I’d call it hedging bets. That’s what I’d do in their situation.

We (the miners) own the minerals (as specified in the lease document) once that lease is granted. However, if the lease is surrendered or expires, the minerals (below a certain depth) revert back to the state. Owner ship starts from grant, not from production further down the flow chart.

Or has everything changed?

Minerals in the ground belong to the states, once mined they belong to the miner.

Well, yeah. But they never belong to the Federal Government, or “all Australians” (whatever that means).

“Mr Wendt said the Mozambique project was taking much longer than planned and major companies such as Rio were realising the difficulties involved in doing business outside Australia.

‘It puts some of this whole political risk talk in Australia in perspective,’ he said.”

Food for thought (with a grain of salt) I suppose.

Minerals belong to the states.

Not so

The Queensland Minerals Resources Act states:

All minerals lawfully mined under the authority of a mining lease cease to be the property of the Crown or person who had property therein and become the property of the holder of the mining lease subject however to the rights to royalty payments under this Act of the Crown or any other person.

I have been told the State Premiers stole it.

Minerals belong to the states. Luckily we have averted the theft by a profligate Federal government enabling the states, with their spiraling health and infrastructure costs to hang on to their much needed revenue.

oops. My bad. I think I knew that if I stopped to think about it (mining tax is a big biggie after all) but millions, billions, trillions, zillions, they all sound the same at elevenses to an airhead.

I just thought you were channeling Swannie.